KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “assessment

Another Hot Month for Kitchener Waterloo Home Sales


Hi there and hope you had a fantastic summer!

The housing market here in Kitchener Waterloo is as hot as the weather has been this past summer!  There were a total of 598 home sales in KitchenerWaterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This represents a 26.4% increase in sales compared to August of 2015. It also ranks as the most active August on record and 37.6% above the 5-year average for the month. That is simply amazing.

Year-to-date sales also climbed to new heights with 4,703 residential sales so far in 2016. Again, this is the highest on record for this period and 23.4% above the 5-year average.

We are still experiencing a lower than normal listing number with active listings almost half of what they were last year at this time. Active listings through the  MLS® System to the end of August sat at 863, which is 46.6% lower compared to same period last year’s 1,616 homes that were on the market. That means we are still experiencing a very tight market in terms of availability of homes which continues to push up home prices in the region.

August’s sales included 353 single detached homes (up 19.7% compared to August 2015) and 151 condominium type units (up 36.0%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 40 Semi-detached homes (up 14.3%) and 49 freehold townhouses (up 69.0%).

The average sale price of all residential sales in August increased 15.2% to $402,000 compared to August 2015.  Its clear that as a result of the strong residential activity  that buyers remain confident about home values here in the region.

Single detached style homes sold for an average price of $487,050 an increase of 20.9% compared to last year. The average sale price for an apartment style condominium was $233,302, an increase of 7.9%. Townhomes and semis sold for an average of $298,148 (up 10.2%) and $299,353 (up 5.5%) respectively.

Overall. the market is extremely competitive and if you are thinking of selling your home now is a great time to take advantage of the strong home prices. If you have any questions or would like to get together for a coffee and discuss how we can help with your housing needs please give me a call or text  at 519-497-4646. You can also email me at kevinbaker@kwhometeam.ca


Kitchener Waterloo Posts Record Number of Sales for First Half of 2016


It is another fantastic month for Real Estate here in the Waterloo Region.  The Region had another record setting month with 740 properties sold in Kitchener-Waterloo and area in the month of June. This represents a 13.1% increase compared to the June of 2015, and ranks as the most active June on record. Honestly in my 15 years as a Realtor I have not seen a market like this one.

During the first half of 2016, there were 3,519 home sales, 18.0% above last year’s total for the same period and 22.8% above the 5-year year-to-date average. That would make the highest number of home sales we have ever recorded in the first half of the year.

On a monthly basis, home sales were 29.7% above the 5-year average for the month of June. As sales continue their upward trend, active residential listings continue to remain depressed in comparison to the same time last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of June sat at 1,199, which is 33.9% lower compared to same period last year. This translates to 51.4% fewer available listings on the market today than the same time last year. That means the market needs more sellers to keep up with the high demand of buyers that are looking in the area.  With some of the prices that homes have been selling for, now is a great time to get your home up on the market.

June’s sales included 485 single detached homes (up 13.6%) and 145 condominium type units (up 2.1%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 46 Semi-detached homes (up 9.5%) and 54 freehold townhouses (up 42.1%).

The average sale price of all residential sales in June increased 11.2% to $390,144 compared to June 2015. With fewer listings on the market combined with an increased interest in people wanting to live in the Region, we’re seeing upward pressure on home prices.

Single detached style homes sold for an average price of $451,289 an increase of 10.7% compared to last year. The average sale price for an apartment style condominium was $232,999, an increase of 8.0%. Townhomes and semis sold for an average of $277,672 (up 14.5%) and $296,572 (up 10.6%) respectively.

If you have been tossing around the idea of selling your home, give me a call and we can sit down and look at the best options for you and your family.

Have a great July!

Kevin


Waterloo Region Residential Sales Hit All Time High in May


All I have to say is WOW!!!!  What an incredible month for the Kitchener Waterloo and Cambridge Real Estate Markets. The market is on fire with many homes selling over list price in multiple offer situations.  The buyers seemed to be lined up out the door if you have a property under the 430k mark in certain neighborhoods of town.

Here are some of the stats from the past month.  There were 752 properties sold in KW and area which represents a 19.6% increase compared to May of 2015, and a 27.7% increase compared to the 5-year average for the month of May.

This is the first time since 2007 that residential sales in May exceeded seven hundred units. Year-to-date sales for 2016 also hit an all-time high with 2,776 homes sold in the first five months of the year, 19.2% above last year’s total for the same period and 21.0% above the 5-year average.

Active listings however are down in comparison from last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of May is at 1,283 which are 26.1% lower compared to same period last year. This translates to 35.2% fewer available listings on the market today than the same time last year.

So what does that mean?  If you are thinking of selling your home now is a great time to do it. Unfortunately you may also wish to buy and that could prove challenging with the lower than usual inventory buyers often find themselves competing with other buyers, for the same property.

With steady interest rates expected into the later part of 2016 and early 2017,  and steady employment growth, the region is poised to continue the demand for housing and we should see balanced market conditions return for the foreseeable future in Waterloo Region.

May’s sales included 474 single detached homes (up 15.6%) and 166 condominium type units (up 37.2%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 47 Semi-detached homes (down 11.3%) and 56 freehold townhouses (up 27.3%). The average sale price of all residential sales increased 7.3% to $378,248 compared to May 2015. Single detached style homes sold for an average price of $438,708 an increase of 9.8% compared to last year. The average sale price for an apartment style condominium was $221,073, a decrease of 1.2%. Townhomes and semis sold for an average of $277,355 (up 1.1%) and $296,751 (up 10.2%) respectively.

If you have any questions on the stats or are thinking of making a move in the near future, please give me a call and we can sit down, grab a coffee and look at your options.

Have a great week!

Kevin


Home Sales Set Record here in Kitchener Waterloo for March 2016!


It was another Fantastic Month for Home Sales here in Waterloo Region with 584 properties sold in the Kitchener Waterloo area.

This represents a 16.3% increase compared to the March of 2015, and ranks as the highest March on record since 2010. That is just incredible.

During the first quarter of 2016, there were 1,350 home sales, 23.9% above last year’s total for the same period and 17.8% above the 5-year quarterly average and the highest quarter on record since 2010. On a monthly basis, home sales were 16.6% above the 5-year average for the month of March.  The mild weather has brought the buyers out in droves and the spring market is well underway!

March’s sales included 383 single detached homes (up 11.2 %) and 110 condominium type units (up 26.4%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 38 Semi-detached homes (down 2.6%) and 42 freehold townhouses (up 50.0%).

The average sale price of all residential sales increased 5.8% to $371,733 compared to March 2015. Single detached style homes sold for an average price of $428,495 an increase of 9.2% compared to last year. The average sale price for an apartment style condominium was $211,117, a decrease of 11.9%. Townhomes and semis sold for an average of $284,226 (up 9.7%) and $276,562 (up 0.6%) respectively.

Sales activity in the $350,000 – $399,999 range increased significantly in the month of March with 98 homes sold in that range, a 78.2% increase from the same time last year. Yes I said 78.2%!! That is clearly evident with all the multiple offers that we have been involved in over the past month.

Year-to-date residential sales in the $300,000-$399,999 remain most popular with 490 sales to date accounting for 36.3% of all residential sales. Pushing the average sales price up for the month were increased sales in the $500,000 – $749,999 range, which posted a 31.6% increase in units sold, compared to March 2015

All in all, Kitchener Waterloo is still showing that we have a vibrant economy and  home values are continuing to show strength.

If you have any questions on the information above or are interested in buying or selling in the coming months feel free to give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca

I am happy to help.

Have a wonderful April!

Kevin


Kitchener Waterloo Home Sales Take a Leap in February! – Market update


 

All I have to say is WOW, what a month! The housing market is on fire with multiple offers and  low inventory it seems that the spring market has started. Here are some of the highlights from the past month.

Residential sales were up 28.2% compared to the same month last year with 452 homes being sold. That is 18.6 percent above the 5 year average for the month. Those sales included 280 single detached homes which is up 40.7% over last February, 33 semi- detached(down 17.5%), 31 townhomes (up 6.9%) and 103 Condo units (up 25.6%).  That makes this past February the most active February since 2008! With interest rates still holding steady, Waterloo region remains an attractive place to live and invest.

Single detached homes sold for an average price of $419,480 which is an increase of 7.7% compared to last year. The average sale price for a Condo unit was $242,272 up 8.3% while townhomes and semis sold for an average of $328,569 (up 10.0%) and $291,770 ( up 12.0) respectively.

The average sale price of all residential sales through the KWAR’s MLS® System increased 10.3% to $361,889 compared to February 2015 with 42.0% of home sales in February occurring in the $250,000-$350,000 range.  With all the cold temperatures that we experienced last year that helped contribute to a 5-year low in home sales for the month. Things have been quite a bit warmer these past few weeks in comparison, and it goes to show how much of a role weather can play when it comes to buying or selling and kicking off the spring market!

If you are thinking of buying or selling now is a great time to start the process. Give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca and I can provide all the information you need to make the right decision.

 

Have a great March!

Kevin

 

 


Canadian Banks Fail to Match the Bank of Canada Rate Cut – Kitchener Waterloo Homes and Condos


The major Canadian banks announced today that they will be lowering the prime lending rate by .15 basis points to 2.85%.

This move is the follow up to the Bank of Canada lowering the prime rate by .25 basis points last week. It is usual normal practice for the big banks to follow suit to the BOC but this rate change widens the spread or gap. It is an interesting move by the banks and I wonder if this is good for us as consumers or good for them?

Here is the link to the full article for more info.

http://www.bloomberg.com/news/articles/2015-01-27/rbc-pares-prime-rate-to-2-85-percent-after-bank-of-canada

I do believe the the Canadian housing market will show continued growth over the next year and this rate cut will further help to stimulate that growth.

If  you have any questions at all please don’t hesitate to contact me at kevinbaker@kwhometeam.ca

Bank of Canada


Kitchener Waterloo Real Estate Market Update for June 2104


It was another solid month for home sales in Waterloo Region. Although the number of sales was down compared to last year they were up compared to the 5 year average. Prices were also up which is  a great sign that the buyers are still out there and looking to make a move. If you have any questions or would like more specific pricing on your home please don’t hesitate to give me a call.

 

STEADY STREAM OF HOME SALES FOR THE MONTH OF MAY

KITCHENER-WATERLOO, ON (June 4, 2014) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were down
5.6 percent compared to last year’s record setting month of May.
A total of 725 residential properties were sold in the month of May compared to 768 the same time
last year. This was only the second time since 2007 that residential sales in May have exceeded 700
total sales. Comparing the 5-year average for the month of May shows a 5.7 percent jump in
residential sales.
“The spring home buying season was in full swing this May” says Lynn Bebenek, President of KWAR.
“Strong sales and price gains reflect the confidence homebuyers have in regional housing market as
a great place to live and invest.”
May’s sales included 514 single detached homes (down 3.4 % from last year) 101 condominium units
(down 17.9 %), 60 semi-detached (up 3.4 %) and 43 freehold townhouses (down 2.3 %).
The average sale price of all residential sales through the KWAR’s MLS® System increased 3.5 percent
last month to $345,323 compared with May 2013. Single detached homes sold for an average price
of $386,474 an increase of 2.1 per cent compared to last year. The average sale price for a
condominium was $226,157, an increase of 6.4 percent compared to May 2013.


Kitchener Waterloo Home Sales Steady For February


With the cold weather still keeping its grip on us here in Kitchener Waterloo, the Residential Real Estate market is starting to  show signs of life. Even though  the volume of sales are down about 4% the prices are still rising steadily. Condos are leading the way for another month in a row up 6.3%.

Have a look at the entire Media release from the Kitchener waterloo real estate board and if you have any questions please don’t hesitate to give me  a call.

HOMES SALES STEADY IN FEBRUARY

KITCHENER-WATERLOO, ON (March 5, 2014) –– Residential sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) were down 4.0 percent in February compared to the
same month last year and up 34 percent compared to January’s results which were hampered by extreme
cold and snow.
A total of 431 residential properties were sold compared to 449 the same time last year. Residential sales in
February included 274 single detached homes (down 8.7% from last February), 33 semi-detached (down
13.2%), 28 townhomes (down 3.4%) and 93 condominium units (up 16.3%).
“February sales showed a healthy increase compared to January,” stated Lynn Bebenek, President of the
KWAR. “Low interest rates and a diverse and vibrant regional economy will continue to support a stable market
for the Kitchener-Waterloo area.”
Single detached homes sold for an average price of $387,288 an increase of 5.1 percent compared to last
year. The average sale price for a condominium was $233,657 an increase of 6.8 percent while townhomes and
semis sold for an average of $281,636 (down 0.7%) and $246,171 (down 3.0%) respectively. The average sale
price of all residential sales through the KWAR’s MLS® System increased 3.0 percent to $335,217 compared to
February 2013.
“Following up on what has been one of the coldest winters on record I expect we will see home buyers and
sellers out in full force come the spring time,” said Bebenek.

 


December 2013 Kitchener Waterloo Real Estate Market Update – The Stats Are In!


The Stats are in and it was another GREAT year for the Waterloo Region housing market.

More homes were sold in 2013 than in the previous two years, and the 6,366 residential sales processed through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) this past year were above the 10-year average.

In a year when troubling news concerning one of the region’s largest employers dominated not only headlines, but the hearts and minds of many, the Kitchener-Waterloo housing market fared remarkably well.

“Throughout last year we saw the fate of Waterloo region called into question by those who didn’t fully grasp the depth of our region’s overall economy,” said Lynn Bebenek, President of the KWAR. “While the strength of our housing market is only one economic indicator, this past year demonstrated the confidence buyers and sellers have in Kitchener-Waterloo’s real estate market.”

Sales of homes got off to a slow start in 2013 before heating up in May and stayed strong through to the end of the third quarter. In December, following two months of slower activity, a total of 279 residential properties sold, representing an increase of 3 percent over the same month last year.

The dollar volume of sales in 2013 increased 6.5 percent over last year, totalling $2,057,707,041 and surpassing the “2 billion” dollar mark for the first time in the KWAR’s history.

Close to half of all residential properties (47%) sold above $300,000 in 2013 compared to 43% in 2012. The average price of all residential properties sold in 2013 increased 4 percent to $323,335. Single detached homes sold for an average price of $366,907 in 2013, an increase of 3.7 percent. In the condominium market the average sale price in 2013 was $216,866, an increase of 1.5 percent compared to the previous year.

Home sales in 2013 included 4,241 detached homes (up 4.2 percent from 2012), 1,151 condos (down 3.9 percent), 505 semis (up 3.7 percent), and 399 townhouses (down 0.3 percent)


How To Prepare When Mortgage Rates Start Going Up – Kitchener Waterloo Homes For Sale


Five ways to prepare for higher mortgage rates

Mortgage rates on the rise? No need to panic; what you need is some smart strategies to prepare. Here are our top 5 tips:

1. Don’t take the money. If you’re buying a new home, don’t be tempted to borrow the maximum amount your lender will allow.

2. Do more than the minimum.If you have a variable-rate mortgage, build in some wiggle room by setting your payments higher than required.

3. Plan to pre-pay. Find out what your pre-payment privileges are and pay whatever you can.

4. Conduct a reality check.Find out what your mortgage balance will be at renewal and use our online mortgage calculator to project what your payments could be if you renewed at a higher rate. Start to ease up to your new payment level so at renewal, it’s like a merge lane!

5. Watch your bad debt. Be cautious about any credit card or other high-interest debt.

Getting prepared for higher rates is not about panicking, it’s about being prudent.Give me a call if you have any questions.


Mortgage Pre-Approvals VS Approvals and why they are different. Kitchener Waterloo homes and condos


Thinking of buying a home?  A great first step is to talk to the bank or a mortgage broker to find out how much you can afford. Keep in mind though that getting pre-approved is very different then getting actually approved.  Have a look at this video where I explain the differences.


The Commission Free Way May Not Be The Best Way. – Kitchener Waterloo Real Estate


If you have been thinking of selling your home yourself  here is a great video on one families experience and how they ended up using a Realtor to get the home Sold.


Assessment Value vs Market Value – Kitchener Waterloo Homes for sale


The new assessments are out in the Kitchener Waterloo Region and i am getting the question is that what my house is worth? Have a look at the video to why assessment value is different from market value.


New Mortgage Rules and how they affect you – Kitchener Waterloo Homes for sale


Last week the government mortgage rule changes came into effect. There were 2 major changes that are going to effect people and the amount that they will be able to borrow. Have a listen to the video to hear my thoughts.


Market Value, Appraised Value and Assessed Value… What do they all mean? – Kitchener Homes for sale


The value of your home is different depending on who is looking at it. Have a look at the video I shot to explain the differences between the 3 very different types of values for your home.


If your thinking of selling, does finishing a basement or deck make sense? – Waterloo Homes for sale


I had a great conversation the other night with a couple thinking of selling their house. The topic of finishing a basement or putting on a deck came up and whether or not it makes financial sense to do those things to expediate the sale and get a greater sale price.  Have a look at the video to hear my thoughts…

New Licensing Bylaw coming into effect for City of Waterloo – Waterloo Homes for sale -Kevin Baker


Recently I went to a seminar on the new bylaw that is coming for the city of Waterloo covering the licensing of Landlords renting out their units/buildings. The Bylaw comes into effect on April 1, 2012 and is something to pay attention to if you currently rent out a unit or building in Waterloo or are thinking of buying a property. Have a  look at the video to hear my thoughts.
 
 

Read the Condo Documents before you buy – Kitchener Condo and lofts for sale – 375 King street N


Yesterday I spoke with a friend of mine at 375 King street N, Waterloo and he was telling me about the board of his building trying to change the policies and making it student free. They still have to get 80% of the unit owners to agree but have a look at the video and hear some thoughts on why its important to read the condo documents before you buy


Special Assessments when buying a condo or loft – Kitchener Condos for sale


If you have been looking for a new condo make sure that you get a status certificate on the building and have your lawyer do a good look through of the documents… Watch the video to hear my thoughts as to why.

Kitchener Homes for sale -Assessed , Appraised and Market Value.. What do they all mean?


Value is always a subjective thing and it really depends on who is looking at your home and for what purpose. Have a look at this video to see my thoughts.